Move to a Bigger Unit or Stay Put?
Hi everyone.
My husband and I rent a 2 bedroom 2 bathroom apartment for $2,105 a month, including pet fees. We also have a 3 year old child. Starting last September, I began working from home, and the only place my desk fits is in our bedroom in a dark corner (our entire bedroom is ridiculously dark -- only windows look out onto a screened in balcony that doesn't get direct light). It's been really cramped and a struggle to work there, but admittedly, not completely impossible.
We found out one of the townhouse units in our complex is available. We love the complex, staff is great, amenities are awesome. It's $3,300 a month. It's 3 levels, has a giant balcony (our kid and cats would be thrilled), 2 bedrooms, 2.5 bathrooms, and a 1-car garage. I wouldn't have a dedicated office room, but the living area is big enough to make an office nook, and it's very bright and open, so I think I'd be fine with that.
We net between $11,000 and $11,500 a month, so technically, this falls within the "30% of your gross income" rule as it's about 33% of our net income. If we did this, we would still be able to pay all our necessary bills and not change our lifestyle at all, but we wouldn't be able to contribute as much to our savings and additional debt payments (we have student loans and some consumer debt). It wouldn't be $0, but last month we put an additional $4,000 away, so doing something like that wouldn't be feasible any longer.
We think our and our pets' daily quality of life would be improved with the extra space, garage, and light in this townhouse, but we're wondering if financially this is a dumb idea. We don't want to buy as we're a military family and will probably be moving in about 1.5-2 years anyway.
Thank you for your help!!! :)